Marine Gensets Market is Expected to Reach USD 5.76 Billion by 2028

Vantage Market Research

Jan 21, 2022

The Marine Gensets Market is expected to reach USD 5.76 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.7% between 2022 and 2028. The growth in seaborne trade because of frequent international trade practices and high investments in the shipbuilding sector is expected to stimulate the Marine Gensets Market growth. Additionally, the manufacturing of commercial vessels is increasing with ship-building which is producing demand for marine gensets.

Key Findings:

  • The commercial vessel of ship type segment is projected to grow at a CAGR of over 45.8% over the forecast period. Increasing seaborne trade with a strong sea transportation network and high requirement of energy in industrial activities are factors driving the commercial vessel segment growth.
  • The Recreational application segment held a substantial market share in 2020. Recreational Marine Gensets Market is expected to grow due to increased disposable income, high living standards across end-users and increasing demand for luxury & comfort, all these factors are resulting in huge spending of people on cruises will boost the industrial growth.
  • North America is expected to grow at a substantial CAGR from 2022 to 2028. North America has an ongoing boom in shale production and exploration. Additionally, advanced technological developments for sustainable units in the region are driving market growth.

Some of the major players in the Marine Gensets Market include - Wärtsilä (Finland), MAN Diesel & Turbo SE (Germany), Mitsubishi Heavy Industries (Japan) Caterpillar, Inc. (U.S.), and Rolls-Royce Power Systems AG (Germany).

Rising concerns over environmental and health effects from marine sulfur emissions coupled with increasing Research and Development initiatives regarding the engine modifications is anticipated to significantly boost the Marine Gensets Market growth. The reduced noise range, operational capability, and higher efficiency are factors supporting market demand. With this, the focus of ship owners is on the adoption of eco-friendly fuels.

Asia Pacific is expected to record the highest CAGR. The shipbuilders & equipment manufacturers are aiming at continuous R&D in product design. The increasing sea transport network with the presence of a large number of ship manufacturers is boosting the market growth. Affordable easy availability of raw material and labor cost are the key parameters encouraging the product demand.